Nigeria’s inflation hits 33.69% — highest in 28 years

Nigeria’s inflation rate drops to 15.99%


Nigeria’s headline consumer inflation rose to a new 28-year high in April, hitting 33.69% year-on-year, up from 33.20% in March.

Data released on Wednesday by the National Bureau Statistics(NBS) showed that food and non-alcoholic beverages continued to be the biggest contributor to inflation in April.

Food inflation which accounts for the bulk of the inflation basket, reached 40.53% in annual terms, against 40.01% in March.

“In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20 per cent. Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 11.47 per cent points higher compared to the rate recorded in April 2023, which was 22.22 per cent. This shows that the headline inflation rate (year-on-year basis) increased in April 2024 when compared to the same month in the preceding year (i.e., April 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29 per cent, which was 0.73 per cent lower than the rate recorded in March 2024 (3.02 per cent). This means that in April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024,” the NBS said.

Price pressures have left millions of Nigerians grappling with the worst cost of living crisis in decades as they struggle to meet their basic needs.

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